A govt. press release says the Tamil Nadu state government has waived farm loans of Rs. 405 crore availed by about 80 thousand farmers of Salem district from cooperative institutions.
The Salem District Central Cooperative Bank has topped the list among all the central cooperative banks in the state by getting deposits of almost Rs. 3,5 crore.
Officials said cooperative institutions in the district distributed Rs. 674.25 crore as loans to farmers during last year, against the target of Rs. 591.80 crore.
The Tamil Nadu Chief Minister has directed cooperative banks to disburse farm loans afresh to the farmers whose loans were waived.